Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by Wells Fargo & Co from $700.00 to $1,000.00 in a research note issued to investors on Thursday, The Fly reports. Wells Fargo & Co currently has a hold rating on the software maker’s stock.
SHOP has been the topic of a number of other research reports. Argus started coverage on Shopify in a report on Wednesday, July 1st. They issued a buy rating and a $1,050.00 target price on the stock. Piper Sandler lifted their price target on Shopify from $1,015.00 to $1,300.00 and gave the stock an overweight rating in a report on Wednesday. DA Davidson reiterated a hold rating and set a $650.00 price target on shares of Shopify in a report on Thursday, May 21st. Oppenheimer started coverage on Shopify in a report on Wednesday, May 6th. They set a hold rating on the stock. Finally, National Bank Financial lifted their price target on Shopify from $850.00 to $1,250.00 and gave the stock an outperform rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $927.71.
Shares of Shopify stock opened at $1,024.00 on Thursday. Shopify has a 52 week low of $282.08 and a 52 week high of $1,107.92. The stock has a 50 day moving average price of $935.14 and a two-hundred day moving average price of $641.42. The stock has a market capitalization of $120.08 billion, a PE ratio of 14,628.57 and a beta of 1.61.
Several institutional investors have recently bought and sold shares of the company. Comerica Bank raised its stake in shares of Shopify by 2.2% during the second quarter. Comerica Bank now owns 7,828 shares of the software maker’s stock valued at $7,494,000 after acquiring an additional 169 shares in the last quarter. Valmark Advisers Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $270,000. Ingalls & Snyder LLC bought a new stake in shares of Shopify during the second quarter valued at approximately $261,000. Sigma Planning Corp raised its stake in Shopify by 64.4% in the second quarter. Sigma Planning Corp now owns 6,771 shares of the software maker’s stock worth $6,427,000 after buying an additional 2,652 shares in the last quarter. Finally, NexWave Capital Partners LLC bought a new position in Shopify in the second quarter worth approximately $244,000. 60.17% of the stock is owned by hedge funds and other institutional investors.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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